FIT GROUP AG (von NuWays AG): SELL 05.10.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: FIT GROUP AG - from NuWays AG



05.10.2026 / 09:00 CET/CEST
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Classification of NuWays AG to FIT GROUP AG



     Company Name:                FIT GROUP AG
     ISIN:                        DE000A426PD9



     Reason for the research:     Update
     Recommendation:              SELL
     Target price:                EUR 16
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Christian Sandherr



H2 to show significant acceleration; chg. est.



FIT GROUP published its H1 figures together with a Q3 trading update. H1 was
dominated by the IPO, but sales have accelerated sharply since the listing
and management confirmed its FY26 targets. In detail:



H1 sales up strongly, result burdened by IPO costs. Sales came in at EUR 608k
(+24% yoy). Operating costs of EUR 461k, personnel costs of EUR 289k and one-off
IPO costs of EUR 220k led to a loss of EUR 361k, or EUR 141k excluding the IPO.



Balance sheet cleaned up with the IPO. All loans from the legacy
shareholders were converted into equity and the short-term loans were
repaid, so none remain. The conversion strengthens the equity base without
any cash outflow, while the repayment removes near-term refinancing
pressure. The company is now debt-free, and the IPO proceeds are earmarked
for inventory, distribution and marketing.



Q3 more than twice the size of H1. Monthly sales rose from EUR 112k in June to
EUR 208k in July, EUR 395k in August and EUR 810k in September (to the 25th),
adding up to EUR 1.41m. 9M sales thus stand at EUR 2.02m, up 83% yoy and already
43% above FY25. September includes the first larger EURES order for Expert
and Euronics, i.e. initial stocking. Online shop and TikTok Shop sales also
grew markedly.



Outlook: The confirmed guidance of EUR 3.6m (+156% yoy) implies Q4 sales of EUR
1.6m, only 13% above Q3, with October planned at EUR 450k, 44% below
September. Management expects a strong and profitable Christmas business,
for which it invested upfront. With a gross margin of some 65%, H2 sales of
c. EUR 3m should be sufficient to put the group into the targeted
profitability range.



Growth prospects rest on broader retail distribution. EURES, Utz
Lebensmittel and the deeper cooperation with MediaMarktSaturn widen retail
access; sell-through and re-orders are the key data points from here.
Further triggers are the planned central listing of TUNNELBLICK caffeine
pouches after test markets at REWE and EDEKA, and a longevity product line
due in 2027. AI in logistics and customer support should allow scaling
without a matching rise in headcount, while higher purchasing volumes
support margins.



While we raise our growth estimates for the next years and the PT (from EUR
13.50 to EUR 16), we downgrade our rating to SELL (old: BUY) purely as a
result of the significant share price performance since the IPO (roughly
+235%).



Note: FY25 was a transition year. Final figures show sales of EUR 1.41m, down
c. 10% yoy (FY24: EUR 1.57m), as management focused on IPO preparation,
internal structures and hiring for the FY26 growth targets. The result was
burdened by more than EUR 1m of extraordinary expenses, mostly related to the
IPO, the debt-to-equity swap and the groundwork for growth thereafter.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=38ecfb1af673f3544207b4c00a689456
For additional information visit our website:
https://www.nuways-ag.com/research



Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2409936 05.10.2026 CET/CEST